Wednesday, January 16, 2008

BVI Companies Act Company (CapCo) re-registration postponed for another year

In the end of the last week, on its website, BVI Financial Services Commission published BVI Business Companies (Amendment of Schedules) (NO.2) Order, 2007 approved by the Cabinet and signed by Otto O’Neal before the New Year – on December 27, 2007.

This document made amendments in Schedule 2 and Schedule 3 of the BVI Business Companies Act, 2004, which postponed CapCo (British Virgin Islands Companies Act Company) re-registration deadline for 1 year:

  • voluntary re-registration postponed from 16.00 hours on November 30, 2007 to 16.00 hours on November 30, 2008;
  • the date of automatical re-registration postponed from January 1, 2008 to January 1, 2009.

Automatic re-registration means that on January 1, 2009, all CapCos that have not been voluntarily re-registered will be automatically re-registered as BVI Business Companies.

To remind, the re-registration of another former type of BVI company – IBC was completed a year ago.

Some words about CapCo and IBC definitions:
  • CapCo is a company that was incorporated under British Virgin Islands Companies Act and that has not been continued under the International Business Companies Act;
  • IBC (International Business Company) is a company that was incorporated, continued or registered as a consolidated company under the International Business Companies Act.

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